Estate or legacy planning is the act of preparing how you will pass down your assets and property to your loved ones after your death. Samuel Dickson Tan, legal counsel and founding member of the Asia Estate Planning Association, explains what you need to know about it, from how to prepare your will to estate planning and completing your lasting power of attorney.   

Q. Why is estate planning important and why should we do it?

Samuel: Estate planning is one of the most important things you can do for your loved ones. It provides directions for them on what to do with your assets, thus giving them peace of mind and preventing any infighting over your estate.

Q. Is estate planning only for elderly or wealthy people or people with dependents?

Samuel: It is recommended for anyone with assets that belong to them and the people they love. This should cover just about everyone, regardless of whether they are high net-worth individuals or not.